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Archive by Month: September 2019

Maryland Offshore Account Law – 2019 Update

Posted in Offshore Account Update on September 30, 2019

For Maryland residents with offshore holdings, keeping up with the federal reporting requirements and the options that are available for maintaining compliance can be a challenge. The Offshore Voluntary Disclosure Program (OVDP) expired in 2018, so U.S. taxpayers who own foreign financial assets must choose a different alternative in 2019. Due to the severe consequences of non-compliance, taxpayers must be extremely careful to avoid mistakes, and we encourage anyone with questions to contact Managing Partner Kevin E. Thorn and the skilled team of Maryland offshore bank account attorneys at Thorn Law Group promptly.

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